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A side effect or externality associated with such activity is the pollination of surrounding crops by the bees. The value generated by the pollination may be more important than the value of the harvested honey. The corporate development of some free software (studied notably by Jean Tirole and Steven Weber [34])
To deal with over-production, Pigou recommends a tax placed on the offending producer. If the government can accurately gauge the social cost, the tax could equalize the marginal private cost and the marginal social cost. In more specific terms, the producer would have to pay for the non-pecuniary externality that it created.
a written code of ethics and standards (ethical code) ethics training for executives, managers, and employees; the availability of ethical situational advice (i.e. advice lines or offices) confidential reporting systems [6] Organizations are constantly striving for a better ethical atmosphere within the business climate and culture.
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
[citation needed] This free rider problem also raises questions in regards to the fairness and ethics of these practices, as countries most likely to suffer the consequences of climate change, are also those who typically emit the least greenhouse gases and have fewer economic resources to contribute to the efforts, such as the small island ...
In the literature, two reasons have been discussed why moral hazard may imply that the first-best solution (the solution that would be attained under complete information) is not achieved. Firstly, the agent may be risk-averse, so there is a trade-off between providing the agent with incentives and insuring the agent.
There is also a distinction in ethics and action theory, largely made popular by Bernard Williams (1979, reprinted in 1981), [2] concerning internal and external reasons for an action. An internal reason is, roughly, something that one has in light of one's own "subjective motivational set"—one's own commitments, desires (or wants), goals, etc.
Research also suggests the importance of affect and emotion in the appraisal of the fairness of a situation as well as one's behavioral and attitudinal reactions to the situation. [3] Much literature in the industrial/organizational psychology field has examined organizational justice as well as the associated outcomes.